Borr Drilling – New 3-year Contracts for Drilling Rigs in Mexico

(Borr Drilling, 20.Oct.2022) — Borr Drilling Limited (NYSE and OSE: “BORR”) announced its joint venture company in Mexico Perfomex entered into new contracts for the company’s five premium jack-up rigs “Galar”, “Gersemi”, “Grid”, “Njord” and “Odin” with OPEX Perforadora S.A. de C.V. and Perforadora Profesional Akal I S.A. de C.V., providers of integrated well services to Pemex. 

The contracts are effective from 20 October 2022 and will maintain all five rigs contracted until 31 December 2025 for a combined contract value of $715mn, including upfront cash payments of $33mn in total. Further, these agreements incorporate enhanced terms that are expected to improve the economic efficiency of the business. 

Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.